For over 50 years, Bacs has been at the heart of the payments industry. On 1 May 2018, Bacs Payment Schemes Limited became a wholly owned subsidiary of the new home for UK retail payments, Pay.UK. The Direct Debit and Bacs Direct Credit are owned and operated by Pay.UK.
No one has more authority when it comes to Direct
Debit than we do. Indeed, we are responsible for the schemes behind the
clearing and settlement of automated payments in the UK, including Bacs
Direct Credit as well as Direct Debit. We have a proud record of
maintaining the integrity of payment related services throughout five
Since its inception, more than
140 billion transactions have been debited or credited to British bank
accounts via Bacs and, in 2019, 6.5 billion UK payments were made this
way. A new record was set in November 2019, with 124 million
transactions processed in a single day, while the value of transactions
processed reached £58.8 billion on one day alone in April 2017, another
Direct Debits are used by nine in ten UK consumers to pay some or all of their regular bills. More than 4.5 billion Direct Debits were processed in 2019.
Eight in ten employees in the UK are paid via Bacs Direct Credit and it is also the payment of choice for a range of other applications such as pensions payments, employee expenses, insurance settlements, dividends and refunds.
For more information about Bacs visit www.bacs.co.uk.